Every Month a CPEG member will be posting a brief issue analysis for discussion and comments. This month’s discussion piece was authored by CPEG’s newest member, Luis Diaz-Perez. A little more about Luis can be found in the “About Us” section of our site.
A college education was once synonymous with self-advancement and independence. Now, a college degree might be more appropriately associated with debt and dependence. Individual lives, not to mention national growth and development are being buried beneath $1 trillion of student loan debt. This calamity, already greater than American credit card or car loan debt, is scheduled to become even more pitiless after July 1. That’s when interest on federal student loans doubles to 6.8%. But this piling on doesn’t have to be. Thanks to Sen. Elizabeth Warren’s first stand-alone bill, S897 – the Bank on Students Loan Fairness Act, a remedy is at hand that doesn’t just attack the metastasis, it also offers a prescription for broader economic wellness.